Sbi student education loan eligibility, Interest rate Important document and how to apply online or offline

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Sbi student Education Loan is a loan facility provided by State Bank of India to help students pursue their education in India and abroad. The loan scheme is divided into two categories: Student Loan Scheme for loans up to Rs. 20 Lacs and Global Edvantage Loan Scheme for loans from Rs. 20 Lacs to Rs. 1.5 Cr. The interest rates on the loans are competitive and start at 8.00% p.a. The repayment tenures are flexible and include a moratorium period after course completion. The loan is extended with no margin on loan amount up to Rs. 4 Lacs.

A) What are the eligibility criteria?

The eligibility criteria for SBI Education Loan are as follows:

• The student should be of Indian Nationality.
• Candidates should complete at least class 12th to get eligible for applying for the loan.
• Should secure admission to foreign university/institutions.
• In case the students have not attempted any entrance/merit-based tests to enter into the institutions, the bank considers the recognized institutions.
• A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

a.) Courses Covered

Studies in India

• 1. Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc.
• 2. Teacher training/ Nursing courses approved by Central government or the State Government
• 3. Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority b. Studies abroad:
• 4. Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.
• 
  

• Studies abroad

  • 
    
  • 1. Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities.
  • 2. Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.

  Expenses Covered

  • 
    
  • 1. Fees payable to college/school/hostel
  • 2. Examination/Library/Laboratory fees
  • 3. Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course).
  • 4. Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course).
  • 5. Travel Expenses/Passage money for studies abroad.
  • 6. Cost of a Two-wheeler upto Rs. 50,000/-
  • 7. Any other expenses required to complete the course like study tours, project work etc.

  b.) Loan Amount

  • 
    
  • Studies in India
    • Medical Courses: Upto Rs 30 lacs
    • Other Courses: Upto Rs 10 lacs
      (Higher loan limit for studies in India may be considered on cases to case basis, maximum upto Rs 50 lacs
  • Studies abroad
    • Upto Rs 7.50 lacs
      (Higher loan limit for Studies abroad are considered under Global Ed-vantage Scheme, maximum upto Rs 1.50 Crores)

B.) Checklist of Documents to be submitted along-with duly filled Loan Application Form

• 1. Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result
• 2. Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
• 3. Schedule of expenses for course
• 4. Copies of letter conferring scholarship, free-ship, etc.
• 5. Gap certificate, if applicable (self-declaration from student for gap in studies)
• 6. Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)
• 7. Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)
• For Salaried Persons
  • (a) Latest Salary Slip
  • (b) Form 16 OR latest IT Return (ITR V)

• For other than Salaried Person:

  • (a) Business address proof (if applicable)

  • (b) Latest IT Returns (if applicable)

• 8. Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
• 9. Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
• 10. Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
• 11. AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
• 12. Passport (mandatory for Studies Abroad)
• 13. Submission of OVD (refer to table below)

C.) What is the interest rate for sbi student education loan?

The interest rate for SBI Student education Loan Scheme is 8.65% p.a . However, the interest rate charged on your education loan is based on the 3-year marginal cost of lending rate (MCLR) and SBI’s 3-year MCLR is 8.05%, which will add a spread of 2% to become the eventual interest rate of 10.05%

a.) EDUCATION LOAN SCHEMES - RATE OF INTEREST (w.e.f. 20.05.2023)

The interest rates will be floating for entire period of loan

SBI STUDENT LOAN SCHEME
Loan Limit	EBR	CRP	Effective Interest Rate	Rate Type
Upto Rs 7.5 Lakhs	9.15%	2.00%	11.15%	Floating
Concession	0.50% concession in interest for girl students
Above Rs 7.5 Lacs	9.15%	2.00%	11.15%	Floating
Concession	0.50% concession in interest for girl students
	0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of our Bank

SBI SCHOLAR LOAN SCHEME (Including  TAKEOVER and PART-TIME COURSES for select institutes)
List		EBR	CRP	Business Strategy Discount	Effective Interest Rate	Rate Type
AA	All IITs	9.15%	0.05%	(-) 1.00%	8.20% (With or without co-borrower)	Floating
	Other institutes	9.15%	0.05%	(-) 1.00%	8.20% (With or without co-borrower)	Floating
A	All IITs	9.15%	0.35%	(-) 1.00%	8.50%	Floating
	Other institutes	9.15%	0.50%	(-) 1.00%	8.65%	Floating
B	All NITs	9.15%	0.50%	(-) 1.00%	8.65%	Floating
	Other institutes	9.15%	1.00%	(-) 1.00%	9.15%	Floating
C	All NITs	9.15%	0.50%	(-) 1.00%	8.65%	Floating
	Other institutes	9.15%	1.50%	(-) 1.00%	9.65%	Floating

SBI SKILL LOAN SCHEME
Loan Limit	EBR	CRP	Effective Interest Rate	Rate Type
Upto Rs 1.5 Lacs	9.15%	1.50%	10.65%	Floating
Concession	No Further Concession

SBI GLOBAL ED-VANTAGE SCHEME
Loan Limit	EBR	CRP	Effective Interest Rate	Rate Type
Above Rs. 7.50 lacs & Upto Rs 1.5 Cr	9.15%	2.00%	11.15%	Floating
Concession	0.50% concession for students availing of SBI Rinn Raksha or any other existing life policy assigned in favour of our Bank
Further Concession	0.50% concession for girl students

SBI TAKEOVER EDUCATION LOANS SCHEME (Under Student Loan & Global Ed-Vantage Scheme)
Loan Limit	EBR	CRP	Effective Interest Rate	Rate Type
Above Rs 10 lacs & Upto Rs 1.5 Cr	9.15%	2.00%	11.15%	Floating
Concession	0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank
Further Concession	0.50% concession for girl students

SHAURYA EDUCATION LOAN (For wards of Defence & Indian Coast Guard )
Loan Limit	EBR	CRP	Effective Interest Rate	Rate Type
Upto 7.50 lakhs	9.15%	2.00%	11.15%	Floating
Concession	0.50% concession for girl students
Above Rs. 7.50 Lakhs & Upto Rs. 1.50 Cr
In case of Secured Loan	9.15%	2.00%	11.15%	Floating
In case of Unsecured Loan	9.15%	2.60%	11.75%	Floating
Concession	0.50% concession for girl students
	0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank

D.) Features of sbi student education loan 

• Repayment period of upto 15 years after Course Period + 12 months of repayment holiday*
• Processing Charges
  • Loans upto Rs. 20 lacs : NIL
  • Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)
• Security
  • Upto Rs. 7.5 Lacs:Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
  • Above Rs. 7.5 Lacs:Parent/ Guardian as co-borrower and tangible collateral security
• Margin
  • Up to Rs 4 Lacs - Nil
  • Above Rs 4 Lacs - 5% for studies in India, 15% for studies in abroad
• Repayment will commence one year after completion of course.
• Loan to be repaid in 15 years after the commencement of repayment
• In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course
• EMI Generation
  • The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
  • If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.